Can You Run A Business Out Of Your Home?
In our society today, about 50% of small businesses are run remotely from home. And not only that, but the number of remote workers is also getting higher. This brings up a very important question – can you run a business out of your home?
As this contributed article will show you, the opportunity does exist as long as you examine the basic points you need to make this possible. It also looks at the whole idea of downsizing to a home-based operation.
Downsize: Shrinking A Business & Running It From Home
Times have been tough in most places for the last decade or so. In the midst of a recession, both businesses and individuals are all having to make changes to ensure that they can stay afloat, and this will often mean cutting back. As a company, one of the best ways you can do this is by moving your operations from the comfort of an office to a space you already own: your home. Of course, though, you’ll have to deal with the old premises first, and this could be a challenge on its own.
To begin, one of the biggest concerns a lot of people will have with this decision will be storing the parts of the old premises which you’ll want to keep. Servers, computers, and furniture all take up loads of space. Getting around this is nice and easy, with wooden packing boxes and self-storage options being much cheaper than running a building for your company. It’s worth holding onto things like this for the future, in case you’re ever in the position to open another office and don’t want to buy everything again.
Along with the items you have in the old place, it’s also worth thinking about the people working for you. While you probably won’t be able to keep everyone working for you, losing your premises doesn’t mean that your support has to go along with it.
In a lot of modern companies, home-working is becoming a lot more popular, saving a huge amount of money for each party. Your workers will have the benefit of staying at home to do their job, and you will be able to rest assured that your jobs are being handled without costing you a fortune in the process.
Of course, this sort of situation won’t be the easiest to manage, though, and you’ll need to put some policies in place to make sure that everyone stays working. Using collaboration tools, like Asana is a great way to start off with this.
This will give you a great chance to see how much work people are doing, while also adding some accountability when things start to become late. Managing a team of people working from home will take a little of trust, though there are loads of tools to help you.
Finally, as the last area to consider in all of this, it’s time to think about the sort of money you could save when you do this. With a building to pay for, you will remove electricity and gas bills, rent, along with the insurance you might need to keep people safe. Taking all of this away will always have a big impact on a business. Not only will you be able to keep your costs down, but you will be able to choose exactly how many people you have working for you at any given time.
Hopefully, with all of this in mind, the idea of downsizing your business won’t seem too bad. There comes a time for a lot of companies when money is tough to make some hard choices. During these times, you have the chance to recover without losing any of the old money-making power you used to have.
My Final Thoughts About ‘Can You Run A Business Out Of Your Home?’
Running a business – big or small – never easy! There are so many things to consider:
- location – especially if there is a physical one
- financing and budgeting
- your market audience
- marketing strategies
- future goals
And this list is in no way exhaustive! The point to consider is this – as the business owner, you have to make the best decision based on information available to you and you also have to ensure that it does not adversely affect your business in any way.
It can be a lot for anyone’s shoulder, but take heart – it can be done! Just ensure that you do your feasibility studies and study reports as well as other businesses in your industry and use it as a guideline for your progress, though not necessarily the solution.
Much success on your business journey.
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